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    Question

    What is the legal effect of signing a settlement

    agreement in arbitral proceedings?
    A The settlement agreement is binding only if approved by the arbitral tribunal Correct Answer Incorrect Answer
    B The settlement agreement is final and binding on the parties and those claiming under them Correct Answer Incorrect Answer
    C The settlement agreement is subject to further court approval to become binding Correct Answer Incorrect Answer
    D The settlement agreement is non-binding unless expressly stated otherwise Correct Answer Incorrect Answer
    E The settlement agreement is binding on the parties but not on third parties claiming under them Correct Answer Incorrect Answer

    Solution

    Explanation: Section 73.  Settlement agreement.(3) When the parties sign the settlement agreement, it shall be final and binding on the parties and persons claiming under them respectively.

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